Simplifying Tax for C.A's and Taxpayers

Don’t assume that since you are a buyer, you just have to pay tax to seller and that’s all. It is very much possible that you could be liable to pay tax to the government directly, under the concept called reverse charge. Few might argue that this is not a new concept as it exists under service tax law in present indirect tax regime and they are well versed with it. Then why? Read More

It will not be incorrect to term GST as the current anthem of the nation. July 1, the appointed day for implementation of GST is near. In our previous article (Export of Goods and Services under GST), we discussed the GST provisions and impact on export of goods and services. In this article, we will be looking at the GST take on other leg of international trade which is import of goods and services. Read More

This time, the CBDT has notified the new ITR forms well in advance before the commencement of the tax filing season, providing an opportunity to tax payers to avoid last minute hassles in return filing. The new ITR forms for all categories of taxpayers for assessment year 2017-18 were notified vide Notification No. 21/2017 dated 30 March 2017. Read More

This is a direct tax proposal introduced in Budget 2017-18 as a measure to prevent abuse of Section 10(38) through sham and bogus transactions. This article talks about Section 10(38), proposed amendment and resulting consequences. Read More

By proposing a series of amendments aimed at less cash transactions, it is, invariably gearing towards promoting a less cash economy as well as curbing generation and circulation of black money. In this article, we are presenting those proposed amendments for your knowledge so that you can plan your transactions to continue enjoying tax benefits. The list of amendments is as follows: Read More

Section 194-I of the Indian Income tax Act, deals with the deduction of tax at source from payment of rent. The tax is required to be deducted by specified classes of assesses on payment of rent above specified limit at a prescribed rate. Budget 2017-18 has proposed to insert a new section 194-IB to cover more taxpayers. Read More

As per existing provisions of the Income Tax Act, income chargeable under the head ‘Capital gains’ is computed by taking into account the amount of “full value of consideration” (FVC) received or accrued on transfer of a capital asset. Read More